What happened on the cryptocurrency market during the week of March 29-April 4
What happened on the cryptocurrency market during the week of March 29-April 4
The top 10 largest cryptocurrencies by capitalization ended the week in the green zone. Bitcoin once again took the rate to the $60,000 mark, and Ethereum moved to a historic high. Payment giant PayPal added support for cryptocurrency payments. Read about these and other key events in the weekly review.
Major cryptocurrency market dynamics
The past week was quite successful for bitcoin (BTC). The world’s main cryptocurrency started the new week with a fighting spirit, completing the downward correction with a bullish breakthrough.
After that, bitcoin took the course to the important psychological barrier of $60,000, and even briefly pierced it, but failed to consolidate on the reached highs and rolled back a bit.
At the time of writing, the VTC exchange rate was trading, according to CoinMarketCap analytical resource, around $58,398.69, with an intra-week rise of incomplete 5%. However, bulls should remain cautious, as some onchain indicators are predicting a big sell-off for bitcoin.
Meanwhile, the Ethereum (ETH) exchange rate, while not attracting much attention with flashy headlines, has appreciated much more than bitcoin this week and has even moved above $2100, a historic high. According to Coinmarketcap, the intra-week increase in price was about 23%. At the time of writing, ETH was trading around $2,093.60.
What else was going on this week
Meanwhile, Polkadot (DOT) was the intra-weekly leader among the top 10 largest cryptocurrencies by market capitalization. This week, it became known that blockchain application developer Enjin intends to add support for a non-interchangeable token market on the Polkadot blockchain.
At the time of writing, the koin was trading around $43.90. According to Coinmarketcap, it strengthened intra-week by 37+%.
On the whole, the outgoing week was rich in news about the adoption of cryptocurrencies by major institutional players. First of all, the big event was the announcement that the largest electronic payment system PayPal allowed U.S. users to pay with cryptocurrency for goods and services around the world.
Meanwhile, a day earlier, Visa, another international payment system, announced plans to add support for USD Coin Stablecoin (USDC) to its network. Both news provided strong support for the BTC exchange rate.
Following the news, Chicago Mercantile Exchange CME Group announced the launch of a new trading instrument based on BTC – bitcoin microfutures contracts starting from May 3. The new instrument will increase the availability of BTC derivatives to a wider range of traders.
America’s oldest bank BNY Mellon also contributed to the overall favorable background for bitcoin. Its experts published this week a study in which they spoke positively about the status of bitcoin in the modern financial system.
Finally, analysts at JPMorgan, a respected bank, said that the recent decline in bitcoin volatility could have a positive effect on attracting major players to the crypto market.
